Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News

Teleology’s extended timeline for the takeover of 9mobile

Emmanuel Abara Benson by Emmanuel Abara Benson
July 26, 2018
in Business News, Company News
9mobile court case. Investors sue 9mobile, Owners of 9mobile, Teleology, 9mobile, KPI, NCC, CBN
Share on FacebookShare on TwitterShare on Linkedin

Barely twenty-four hours after all hope of ever owning 9mobile seemed lost for Teleology Holdings, we can now confirm that the takeover timeline has been extended and will be finalised “as soon as possible”.

According to a press statement issued to Nairametrics, the extended timeline was decided by 9mobile’s Board of Directors, out of consideration for all parties involved, particularly Teleology Holdings Limited who has overtime struggled to finalise takeover procedures for Nigeria’s fourth largest telco.

“The timeline extension was considered necessary to enable parties involved in the sale process to finalise the requisite transaction documentation to facilitate a smooth closure and transition to the new investor.” – 9mobile

Recall that earlier reports suggested that the final transaction for the takeover of 9mobile failed following the inability of the Central Bank of Nigeria (CBN), Nigeria Communications Commission (NCC) and other stakeholders to reach a meaningful conclusion on the matter.

RelatedPosts

External Reserves up $6 billion in one year but no forex

Nigeria’s central bank says both merchant and consumer can now present QR Codes for payment

Yesterday, July 25, 2018, was meant to be the last of the 90-day period expected of Teleology Holdings to complete payment for the telco, but it failed. Apparently, the meeting held on Wednesday to determine the fate of the rather protracted transaction continued today (Thursday), even as the decision was reached to give Teleology more time to finalise the takeover bid.

A transaction beclouded by much drama and controversies

Earlier this year in February, Teleology Holdings emerged as the winner of a fiercely contested bidding exercise for 9mobile’s acquisition. The bidding exercise was supervised by Barclays Africa.

News continues after this ad


But ever since Teleology’s emergence as the winner, much drama and controversies have characterised its 9mobile acquisition bid. These controversies range from opposition posed by other bidders such as runner-up Smile Telecoms Holding Limited, to the alleged refusal of banks to lend Teleology the rest of the capital it needs to finalise the acquisition bid.

Despite these issues, Teleology Holdings was optimistic that the acquisition process would go on until finalised.

News continues after this ad


The background to the entire story

The problem with Etisalat Nigeria, now 9mobile, started last year after the telco default on a $1.2 billion loan it obtained from a consortium of 13 Nigerian banks led by GTBank. This caused the parent company (Etisalat of the United Arab Emirates) to pull out and relinquish its 45% stake in the company.

Following this development, the CBN restrained the Nigerian banks from taking over the telco. The CBN instead, constituted an interim board to oversee the operations of the company.

9mobile currently commands an estimated market share of 11.72% in the country.

Related

Tags: 9MobileCBNNigerian Communications Commission (NCC)Teleology Holdings

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Mega Millions
Hot forex
Cornerstone
Polaris Bank
Access Bank
Bankers Committee
First bank


FCMB




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • The last speech delivered by HE Mohammad Sanusi Barkindo (RIP)
    • FCCPC to sanction DisCos for service failures, non-compliance with power sector rules
    • Kuje prison attack: I am disappointed with intelligence system – Buhari

    Follow us on social media:

    Recent News

    Profile of Mohammed Sanusi Barkindo, the late OPEC secretary general

    The last speech delivered by HE Mohammad Sanusi Barkindo (RIP)

    July 6, 2022
    Babatunde Irukera

    FCCPC to sanction DisCos for service failures, non-compliance with power sector rules

    July 6, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com